I haven't heard of these liquid bandages either. I concur with steve's comments, this is exactly what we were taught.
Put NOTHING on the wound except a clean sterile dressing and apply pressure to stop bleeding. Once the dressing is applied, do not remove it, if it becomes soaked, apply another one on top.

We were taught that the main function was to provide immediate aid to prevent worsening of the situation and to stabilise the causualty until expert assistance was obtained. In the military we could administer the personal Morphine ampoules if neccessary but in civilian circles you cannot administer any kind of drug, antiseptic or ointment. In many workplaces a first aider is not able to administer even a simple pain killer like aspirin or paracetamol in case of an adverse reaction.

First aid kits then will usually just contain band aids, a few sterile dressings, bandages and triangular bandages to make slings. Very little else. Naturally in the bush or on the hill, medical aid can take longer to arrive so we stalkers generally add a few more items for our own peace of mind, taking account of course, the weight and the bulk.

I've used inflatable splints before but I wouldn't want to be lugging them around the Scottish highlands, better to immobilise the limb and wait for the medics. I would definitely recommend a shell dressing (Steve's military wound drsssing). compact but extremely useful. Can even be used to start a fire in an emergency!!!